THE BRITISH FRANCHISE ASSOCIATION


THE UK' S VOLUNTARY S ELF - REGUL ATING GOVERNING BODY FOR FRANCHI SING


PIP WILKINS Chief executive, The BFA


The British Franchise Association asks: Is a franchise the perfect investment in 2023?


T


ime and again, franchising has greatly out-performed other start-up businesses. Its formula of a locally owned and run enterprise, driven by a small business owner, with branding, economies of


scale and support from the wider network, gives the consumer the best of both worlds and the business a far better chance of success. However, the franchising industry is, to many


something of a mystery! 'Franchise' is a term misused on a regular basis and one that many therefore misunderstand. So what is really meant by franchising and what does it mean to you as a business owner?


A resilient industry Interestingly, despite all the current economic uncertainty, recent months have seen the franchising industry prove its resilience. Many companies have weathered well, attracting increased interest from potential investors and even seeing growth. This robust business model, fuelled by dedicated


individuals, encompassing many different skills and backgrounds, opens up countless opportunities for people looking for a new start. Requiring hard work, professionalism and a commitment to a proven business model, franchising offers opportunities for an incredibly extensive range of personal abilities and investment. Many have used franchising as a way to become


their own boss, but under the safety and security of a proven model, with national support structures to help overcome the kinds of hurdles that can floor many new business start-ups. The question to ask, though, is: which franchise brand is suitable for you? With hundreds of different


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brands, investment levels and business types, how can you know what you want?


Where to look? If you’re interested in becoming a franchisee, a good place to start looking is with the British Franchise Association members. Established 46 years ago by a group of leading franchising companies, the BFA is a voluntary self-regulating body set up to introduce good practice into franchising. Members of the BFA have chosen to be accredited


against a strict code of business practice – they must prove that they are an established business, offering a fair and ethical franchise opportunity.


“any have used f nchising as a ay to become their on boss, but under the safety and security of a proven model, ith support to help overcome the kinds of hurdles that can otherise floor a start up”


The BFA has over 300 accredited franchise brands in membership, representing many different types of franchise businesses and investment levels. This means, when looking for a good franchise, the BFA is the perfect starting point. Please remember, all franchise businesses are


different, so do your homework. Speak to existing franchisees, make sure you understand all the business operations and ensure that you fully understand the investment costs. thebfa.org 


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